Ans:
In 2020, IRS allowed the tax payers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 10% of AGI.
Total qualified Unreimbursed Medical Care expenses:
Dentist Charges | $900 | |
Physicians Charges | $1800 | |
Less: Reimbursement | ($250) | $1550 |
Opticians Charges | $500 | |
Cost of eyeglasses | $300 | |
Hospital Charges | $2100 | |
Less: Reimbursement | ($1200) | $900 |
Prescription drugs | $250 | |
Over the counter drugs | $450 | |
Medical insurance premium(not through an exchange) | $775 | |
Total Qualified Unreimbursed Medical Care expenses | $5625 |
NOTE: Medical expenses include health and dental insurance premiums, doctor and hospital visits, co-pays, prescription and over-the-counter drugs, glasses and contacts, crutches, and wheelchairs and the list is not exhaustive.
Simpson's AGI | $50000 |
10% of AGI | $5000 |
Total Qualified Unreimbursed Medical Care expenses | $5625 |
Medical Care expenses that will be included with Simpsons itemized deductions (Total qualified expenses - 10% of AGI) i.e., ($5625-$5000) | $625 |
Medical expenses | $625 |
Required information [The following information applies to the questions displayed below.] Simpson, age 45, is a...
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